In Q1 2026 the iGaming industry was quite fragmented. Some gaming operators and suppliers have posted strong increases in year-on-year revenues while others are having trouble with slowing performance and declining consumer activity.
Companies like BetMGM, Hacksaw Gaming, Sportradar, Rush Street Interactive and Robinhood all posted stronger revenues due to users engaging with them at higher rates, expanding their ecosystems of products, and operating in a more efficient manner. Meanwhile, many large groups, Betsson Group, FDJ UNITED, Evolution, The Star Entertainment Group and DigiPlus Interactive Corp. are facing more difficult quarters than previously expected, resulting in slower growth as a result of rising tax burdens.
Although the results show an overall current growth trajectory for the marketplace, there are many things that are changing this trajectory, including increased regulation, increased taxes, increased risk concentration by region, and companies’ ability to provide various types of products and keep users engaged in an increasingly competitive market.
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Q1 Revenue Rises
BetMGM (+6%)
BetMGM reported revenue was $696 million in Q1 2026, demonstrating continuous growth of both its iGaming and sports betting operations during the three-month period. Q1 of 2026 also marked the first time that BetMGM paid a parent company fee for technology solutions, which highlights an evolution in BetMGM’s operational maturity and monetization framework.
Much of BetMGM’s revenue growth in Q1 was attributable to improved engagement levels from its customer base, increased revenues from the online casino vertical, and disciplined new customer acquisition efforts. Additionally, BetMGM’s marketing performance suggests a transition from aggressive expansion to a more profitability-oriented path.
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Sportradar (+11%)
Sportradar’s Q1 2026 revenue year-over-year has increased despite the current number of ongoing litigation against it and the regulatory scrutiny around its data rights and integrity services.
Sportradar’s revenue in Q1 was positively impacted by the continued demand for its sports data services and its betting technology product suite, which provides operators with technology to manage their betting operations and to monitor the integrity of their betting operations and those of the relevant governing bodies of the sports on which they are betting. Sportradar’s revenue also benefited from growth in AI-based analytics and the expansion of real-time betting technology.
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Hacksaw Gaming (+28%)
Hacksaw Gaming achieved 28% revenue growth year-on-year in Q1 2026, continuing rapid expansion as an online casino supplier.
Hacksaw’s revenue growth in Q1 was assisted by the company’s increased presence globally, growing consumer demand for mobile-native video slot content, and stellar performance of its proprietary game portfolio. As operators continue to focus on launching differentiated content to retain players, suppliers with recognizable game mechanics and multiple distribution channels will benefit from gaining market share.
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Genius Sports (+30.5%)
Genius Sports confirmed that it has seen excellent results in Q1 2026, causing them to upgrade their full-year forecast based on strong operations and an acquisition of Legend. Demand for official sports data, betting technology services and fan engagement is rising throughout the global regulated markets.
Additionally, the acquisition of Legend demonstrates the ongoing trend of consolidations within the sports technology and betting ecosystem, as companies look to strengthen their proprietary technology capabilities while diversifying their revenue.
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Rush Street Interactive (EBITDA +81%)
Rush Street Interactive achieved a record high in Q1, posting an EBITDA increase of 81% year-on-year with revenues also growing.
The results indicate Rush Street is moving into a much more efficient operating model after several years of rapid growth in both North American and South American markets. The company’s success during this quarter was due largely to growth in online casinos as well as better monetisation of its players.
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Q1 Revenue Drops
Evolution (-1.5%)
Evolution’s net revenue decreased 1.5% y-o-y in Q1 2026, an unusual outcome for a company that has historically been one of the fastest-growing companies in the sector.
The decline may suggest either greater market saturation in the live casino sector or an increase in competition among players for the same consumer base, or a general decrease in consumer spending across certain regulated jurisdictions. Additionally, disruption to normal operations and shifting regional demand may have also contributed to this downturn.
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FDJ UNITED (-3%)
FDJ UNITED’s growth rate was less than expected for Q1 2026 because of the rising taxes on gaming revenue, which have negative impacts on operators.
The changes in tax laws are creating significant structural issues for the gaming industry. Such taxes reduce operator margins, limit their ability to market their products effectively, and put additional pressure on the efficiency of the product offerings.
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The Star Entertainment Group (-11.6%)
The Star-Group has reported a decline in revenue for Q1, while there has been some success in reducing their overall losses.
Despite undertaken steps to manage previous regulatory investigations, restructure operational resources and less land-based casino operations; continued pressure on revenue will be disappointing.
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Betsson (-14.4%)
The share price of Betsson dropped after the announcement of its Q1 2026 results, largely as a result of underperformance of the business in the CEECA regions compared with other parts of the world.
Although the company is still profitable as a whole, these results exposed it to volatility between regions and market-specific slowdowns. When looking at the company’s results, some investors may have been concerned that weak activity in the Company’s key growth markets could offset strong activity in other markets.
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DigiPlus Interactive Corp. (-33%)
DigiPlus Interactive Corp. profit declined by 33% within Q1 2026 because restrictions imposed by e-Wallets affected user transactions and platform activity negatively.
The last quarter illustrated again how “Payment Infrastructure” is critical to online gaming, especially within new digital markets. If restrictions placed on both deposits and withdrawals affect the rate of generating gambling transactions, the result will be a significant decrease in user engagement and transaction volume.
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Thinking Out Loud…
During Q1, the iGaming industry across the world continued to experience a positive, long-term growth momentum. As time has passed, it seems that certain operators within the industry were assessed by the market and found not to possess enough resources available to continue their momentum in growth.
A big theme in Q1 was the gap between those companies recognizing the need for the pursuit of sustainable profit, versus those companies very reliant on outside forces.
The rest of 2026 will most likely be characterized by regulatory changes, margin controls, and competition for consumer engagement within both the online gaming and sports wagering sectors. Despite industry-wide demand continuing to be robust, operators’ future success will depend on maintaining strong business practices, diversifying their operations across multiple markets, and adapting rapidly to shifts in regulations and consumer behavior.
The views expressed in this article represent the author’s personal observations and interpretations of recent events. They are not intended to influence or impose any particular perspective. Readers are encouraged to assess the information independently and form their own opinions.
